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capitalist and mixed economies provide incentives for entrepreneurs by: pepe unchain Bnb Eth XRP crypto futures coinbase futures binance futures

What is the underlying economic framework of a mixed economy?

The underlying economic framework of a mixed economy selectively intertwines capitalist principles with socialist ideologies. Capitalism promotes economic advancement, innovation, and efficiency by fostering competition and profit incentives.

How does capitalism promote entrepreneurship?

The right to own property is central to capitalism. The main incentive in this system is profit, which encourages entrepreneurship. Profit is also necessary for producing goods and services, building manufacturing plants, paying dividends and taxes, and creating jobs.

How does a mixed economy work?

In a mixed economy, the government intervenes to circumvent market turmoil, redistribute income, and provide public goods while allowing free market forces to determine most economic decisions regarding production and consumption.

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